Tangerine Mortgage Rates for Canadians (2025)

Tangerine Bank offers some of the most competitive mortgage rates for Canadians looking to take a mortgage that won’t break the bank.

Whether you are buying your first home, are looking to refinance or want to renew your mortgage contract, a competitive mortgage rate is your ideal option.

The competitive mortgage rates from Tangerine Bank give you peace of mind knowing that you don’t have to worry about the sudden rise of mortgage interest rates.

This Tangerine mortgage rate review will discuss the fixed and variable mortgage rates, the pros and cons of Tangerine mortgage rates, calculators, preapproval and prepayment terms.

This article will help you make an informed decision on whether to go with a Tangerine mortgage or other mortgages.

Let’s get started.

An Overview of Tangerine Mortgage

Tangerine Bank was first established as ING Direct Canada in 1997. It was named Tangerine in 2012 when the bank was acquired by Scotiabank (one of the “Big Five” banks in Canada)

Today, Tangerine operates independently as a complete single subsidiary. It works as a digital bank dedicated to simplifying Canadians’ daily banking.

Unlike traditional banks, Tangerine Bank doesn’t have physical branches; it’s an online-based bank that can be accessed anywhere and anytime. It is one of Canada’s largest digital banks, with more than 2 million customers and about $40 billion in net assets.

Tangerine Bank provides flexible, innovative, accessible and competitive everyday banking products and services to its clients. This includes:

• Mortgages
• Lending Products
• Savings Accounts
• Investment funds & GICs
• Zero-fee Daily Chequing
• Credit Cards
• RRSPs & TFSAs

Tangerine Mortgage Rates

The Tangerine mortgage is one of the top financial products offered by Tangerine Bank, with varying low mortgage interest rates in Canada. It offers both fixed-rate and variable-rate mortgages.

Against the high mortgage interest rates, high fees and charges of other big banks in Canada, Tangerine mortgage rates aim to provide a cost-effective alternative to Canadians.

Consequently, more than 2 million Canadians see Tangerine mortgage interest rates as their best choice. Its mortgage loan packages are unique and come with amazing perks that make your search for mortgage loans easier.

Subsequently, you will learn more about why Tangerine mortgage rates are more popular than other mortgage interest rates in Canada.

Fixed-Rate Mortgages

By “locking in” a particular interest rate for the term, this type of mortgage rate decreases the likelihood of potential interest rate volatility.

Fixed interest rate guarantees up to 120 days prior to the closing date of a house, whether you are preparing for a new mortgage or an existing home. Should the interest rate rise by that time, you are guaranteed a lower rate.

This gives homeowners peace of mind, which is why it is very enticing for Canadian homebuyers.

Variable-Rate Mortgages

The interest rate on this type of mortgage is fixed for a particular duration. However, the bank’s prime rate shifts can make it fluctuate.

If the prime rate falls, large parts of your payment will be applied to clearing your principal. But if the prime rate rises, large parts of your payment will be applied to interest rates.

Consequently, for those predicting interest rates to decline in the coming year, this may be an excellent financial method.

If your variable rate mortgage no longer meets your needs, you can use a convertible mortgage to convert to a longer closed term.  This provides you with all the flexibility and security you need.

The Current Tangerine Mortgage Rates

Obviously, Tangerine mortgage rates are quite low compared to what is available in the market. Based on term and mortgage type, Tangerine has the following mortgage rates:

 

Note: Tangerine mortgage rates are subject to change at any time.

Key Features of Tangerine Mortgage

Here are 5 key features of Tangerine Mortgage:

1. Great Rate

Tangerine mortgage comes with great interest rates with 120 days guaranteed. This is one of the few offers you can find elsewhere.

2. Dedicated Support

Tangerine provides its clients with personalized Mortgage Account Managers to help them throughout the mortgage process.

3. Flexible Repayment Options

Annually, you can deposit up to 25% lump sum prepayments of the amount of your main mortgage. You can also deposit up to 25% of mortgage payments of your main payment.

4. Portability

If you want to move, you are free to do so without any penalty on your existing mortgage amount, interest rate, and term.

5. Mortgage Calculators

Tangerine’s mortgage payment calculator allows you to estimate your monthly payments according to a variety of different mortgage interest rates and conditions. Also, Tangerine has a calculator for estimating the amount you can borrow.

6. Online Application

You can easily apply for a Tangerine mortgage online. The process is 100% digital and you can complete it from the comfort of your home.

Tangerine Bank also gives you a dedicated account manager who will be available to answer any question you might have.

Benefits and Downsides of Tangerine Mortgage

Pros

• Annual lump sum payment increase (up to 25%).
• Flexible lump sum prepayment opportunity (up to 25%).
• 120-day rate holds with automatic rate drops if rates fall before closing.

Cons

• More expensive to switch to other lenders.
• No physical presence for one-on-one service.

How To Apply For A Tangerine Mortgage Account?

Any Canadian in Tangerine mortgage-supported locations can open a Tangerine mortgage account. These locations are:

• Ontario
• British Columbia
• Alberta
• Manitoba
• Quebec
• Atlantic provinces and territories
• Saskatchewan

However, being a resident of one of the above locations is not enough qualification for opening a Tangerine mortgage account. Here are other requirements:

• At least 3 months of full-time employment or a history of at least 2-year self-employment.
• Have no bankruptcy history.
• A good credit score and history.

To apply for a Tangerine mortgage, you must first create a Tangerine customer account online and complete a mortgage application. To get started, visit the Tangerine Mortgage Rates page.

Is Tangerine Bank Safe?

Yes, Tangerine mortgage is safe. As a member of the Canadian Deposit Insurance Corporation (CDIC), up to $100,000 protection is provided for may Tangerine account principal and interest.

Also, Tangerine Bank is a member of the Association MasterCard® International, Interac®, Maestro International and the Canadian Payments Association.

Moreover, given the stringent regulations and security requirements for brands such as Interac and Maestro, you can rest assured that your money is in safe hands with Tangerine Bank.

Tangerine Home Equity Line of Credit (HELOC)

A home equity line of credit gives you the opportunity to borrow additional funds at a low-interest rate by using your home equity. The HELOC is helpful for major expenses like vehicle repairs or home renovations, which are out of the ordinary.

You can borrow and repay your loan conveniently through the Tangerine home equity line of credit. You’re only expected to make interest payments on the amount you borrowed on a monthly basis.

With the Tangerine home equity line of credit, the application is just once. You can continue borrowing from your line of credit without having to worry about paperwork as long as you don’t go over your credit limit.

In addition, Tangerine has a Fixed Payback Plan which makes tracking your home equity line of credit and minimum interest rate easier. The plan allows you to make interest and principal payments on your line of credit automatically rather than manually.

READ MORE: Tangerine Mortgage Preapproval

How Tangerine Mortgage Compares To Other Banks in Canada

To provide an unbiased review of Tangerine mortgage rates, one must compare them with other mortgages out there. Here’s a comparative overview of the fixed mortgage rates of Tangerine fixed mortgages rate vs TD Bank vs RBC vs Scotiabank fixed mortgages:

 Note: The above figures are subject to change.

Final Thoughts on Tangerine Mortgage Rates

With the rapid increase of mortgage providers in Canada, it is important to draw your selection on a low-cost mortgage with friendly terms and conditions, and borrowing what you can’t be able to pay back when due is a license to ruin your long-term financial security.

With Tangerine’s low mortgage rates, you can be sure that you can pay back your mortgage within a given time without sacrificing your current lifestyle.

But to be on the safer side, I recommend you build an emergency fund before applying for any mortgage.

By doing so, you will be prepared for any unforeseen circumstances that may ruin your ability to pay back your mortgage in the future.

FAQs on Tangerine Mortgage Rates

What is a Tangerine Mortgage Calculator?

Tangerine Mortgage Calculator is a tool that helps you determine the actual amount you can borrow for your mortgage. The Tangerine Mortgage Calculator will request for the purpose of the mortgage, annual family income before tax, down payment, monthly loan/credit card payments, amortization in years, annual property taxes, and monthly condo fees.

Once you’ve provided the above information and click “Calculate”. Tangerine Mortgage Calculator would do the math and provide you with the actual amount you can borrow.

How to Renew Your Tangerine Mortgage?

Tangerine will contact you at the end of your mortgage term to discuss mortgage renewal options. You may either choose a new mortgage term or reach out to Tangerine to discuss your options.

Moreover, during your mortgage renewal period, you can review eligible mortgage products from other financial institutions to make the best renewal decision.

Is Tangerine Good for Mortgage?

Obviously! If you compare Tangerine with the big banks, you will know that it has competitive mortgage rates. With such a competitive mortgage rate, you can save a lot in the long run. Tangerine mortgage rates also come with unique perks that make them attractive to others.

Does Tangerine Do Mortgage Preapprovals?

Yes. Before applying for a Tangerine mortgage, you can apply for mortgage pre-approval, which retains the interest rate for 120 days. Also, a Tangerine mortgage preapproval helps you know exactly how much you can borrow.

What is Tangerine Prime Rate?

Tangerine’s current prime rate is 6.70%. When the prime rate decreases, Tangerine will channel a large portion of your payment to your principal.

However, if the prime rate increases, Tangerine will channel a large part of your payment to interest rates.

Is Tangerine Interest Calculated Daily?

Yes. Tangerine calculates its interest rate daily. However, it makes monthly payments to Savings and Chequing Accounts.

Is Tangerine Owned by Scotiabank?

Yes. Scotiabank owns Tangerine. Scotiabank is one of the Big Five Banks in Canada, headquartered in Toronto, Ontario.

Is Tangerine Bank any Good?

Yes. Because Tangerine Bank is one of the best online banks in Canada. It is obvious to see why.

Tangerine has attractive interest rates, high-quality financial products and a guarantee of no fees.

How Do I Link My Bank Account to Tangerine?

To link your bank account to Tangerine, follow the steps below:

• Login to your Tangerine account.
• Click “My info and options.”
• Click “Links to external accounts.”
• Put in the account details.
• Click the “Confirm” button.
• Read the instructions.
• Type the amount that is in your non-Tangerine bank account.
• Click the “Confirm” button.

Once you follow the above steps successfully, your bank account will be linked to Tangerine.

Finally, if you have more questions on Tangerine mortgage rates, kindly drop them in the comment section.